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Fri July 26, 2013
Hedge Fund To Operate As It Faces US Fraud Charges
A giant hedge fund led by an embattled billionaire is pledging to continue normal operations after a New York indictment accused it of insider trading.
The indictment against SAC Capital Advisors was unsealed Thursday. Lawyers for the company are expected to appear in federal court in Manhattan this morning. The charges claim the company permitted an environment where extensive insider trading could reap hundreds of millions of dollars in illegal profits for more than a decade.
The company is owned by billionaire Steven A. Cohen. He was not named as a defendant, though court papers criticized him, saying he created a company culture where insider trading thrived.
SAC Capital Advisors said in a statement that federal prosecutors had advised them that charges of wire fraud and securities were not meant to affect the operations of its business.
SAC Capital Advisors says it will continue to operate as it faces the charges.
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